Retirement Pots Set to Increase
Rishi Sunak, the Chancellor of the Exchequer, is expected to increase retirement pots by 8.5 per cent, in line with the growth in wages. This move is aimed at preventing a backlash from traditional Tory-supporting elderly voters before next year’s election.
Pension Triple Lock Remains
Insiders confirm that Rishi Sunak will keep the pension triple lock, allaying fears that the policy could be weakened. This move is seen as a way to avoid a "politically suicidal" backlash from OAPs who traditionally support the Conservative party.
Inheritance Tax Cuts Unlikely
Despite calls from some MPs, the UK Prime Minister's office has downplayed speculation that Rishi Sunak could slash inheritance tax. Cabinet Minister Grant Shapps has labeled the tax as "deeply unfair," but acknowledged that the Chancellor is limited in his ability to make significant changes due to budget constraints.
Priority on Income Tax
Former Cabinet Minister Sir Simon Clarke argues that if tax cuts were to be made, income tax should take priority over inheritance tax. However, sources indicate that inheritance tax is unlikely to be scrapped.
No Tax Cuts Expected in November
Rishi Sunak is planning an Autumn Statement in November, where he is not expected to announce any tax cuts. However, it is anticipated that he will include giveaways in the Spring Budget, which is likely to be the final fiscal event before the upcoming election.
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